introduction to economics
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| economics | how people with limited income decides on what they spend their money on
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| factors of production | land, labour, capital and enterprise
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| land | natural resource e.g seas. income=rent
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| labour | people available. income=wages
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| capital | man made objects e.g machinery. income=interests
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| enterprise | bringing land labour and capital together to create a business. income=profit
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| economic system | how a country uses its factors of production to make goods
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| centrally planned economy | government makes all the decisions about the production of goods e.g past=china today=cuba
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| free enterprise economy | people can make all the decisions about the production of goods as long as they stick with the law e.g america
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| mixed economy | combination of a centrally planned and a free enterprise economy e.g Ireland
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| GNP | gross national product
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| economic growth | the change in GNP in a country within a year
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| calculation for economic growth | change in production multiplied by 100
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production in year 1 1
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| benefits of economic growth | new jobs, people have more money to spend, money for government to use on education and health
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| how to achieve positive economic growth | inflation kept low, interest rates kept low, wages increase, government budgets well
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| inflation | increase in the cost of living
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| calculation for inflation | increase in cost of living multiplied by 100
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cost of living in year 1 1
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| CPI | consumer price index
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| causes of inflation | increase in the cost of producing goods, demand for goods are greater than amount available, price of oil has increased
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| dangers of high inflation | loss of jobs, goods harder to sell abroad
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paulinebiron
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